3 Strategic Themes to Consider as You Plan for the Next Year of Operations

It’s time for financial planners to put the finishing touches on their budget for next year. Effective budget planning ensures that every financial decision supports your business’s broader strategic objectives. Your financial roadmap must not only meet your immediate operational needs but also align with your long-term vision for growth and profitability.

The budget you set will vary depending on what you hope to achieve. Here are three areas of consideration that focus on operational efficiency, growth, and deepening expertise.

Improve Operational Efficiency

Opportunities to improve your business’s efficiency are plentiful, from tackling needed technology updates to working smarter to smooth out inconsistencies in your client experience.

• Technology and software: Spending on fintech can improve efficiency and facilitate data-driven decision-making. Consider how enhancing or upgrading your CRM, financial planning tools, client portal, cybersecurity measures, or analytics software could set your firm up for success.
• Client experience improvement: Investments in efficiency will also enhance your client experience. Consider using tech to develop and refine your client onboarding processes, create effective planning workflows, and implement service calendars to enhance client relationships and improve retention.

To learn more about evaluating your firm’s use of technology and identifying next steps to improve digital empowerment, watch our on-demand webinar, Unlocking Better Client Outcomes with Digital Empowerment and Financial Psychology.

Grow Your Client Base

If growth is a top priority for your business, here are three key areas for budget allocation.

• Marketing and client acquisition: Earmark funds for digital marketing strategies, including social media campaigns, content marketing, video marketing, and podcasts to attract new clients and engage existing ones.
• Client events and engagement: Budget for client events or networking activities to strengthen relationships, build community among clients, and appeal to prospective new clients.
• Community engagement: Donations to local charities, volunteering initiatives, or participating in local events can enhance your community presence, establish stronger network connections, and create positive brand association.

Read our eBook, Unlocking the Value of Financial Planning, for more about how using technology, understanding clients’ perspectives, and providing inherent value will take your business beyond the plan.

Deepen Expertise

In the ever-evolving financial world, planners must approach their industry knowledge from a place of continuous learning. It’s worth the investment to ensure you and your staff are up to date on everything from trends in financial planning to compliance and regulations.

• Professional development: Be sure to set aside resources for attending key industry conferences, webinars, and courses to ensure staff remains knowledgeable about the latest financial planning trends and techniques.
• Staffing and training: Hiring new staff, providing training for current employees, or offering incentives and bonuses can improve productivity, boost service delivery, and reduce turnover.

To learn more about balancing these and other priorities to ensure the success of your business, watch our on-demand webinar, Financial Planning for Strategic Growth: Balancing the 4 Pillars.

We invite you to join the conversation by sharing your feedback and suggestions for a fresh set of topics in 2025. Sign up to have the most popular Heart of Advice posts delivered to your inbox monthly and follow us on social media to be part of our community.

Thank you for being a part of the eMoney community. We wish you all the best in closing out 2024 and gearing up for a successful 2025.